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全球私募集基金的发展以及其为中国企业带来的机会 2007- 9-21 中国北京市 , 商业部培训中心. CCMP 亚洲投资基金 曹宸綱董事总经理 Jim TsaoManaging Director [email protected]. Was JP Morgan Partners 原名摩根大通投资基金. CCMP CChemical 华友银行 CChase 大通银行 MMorgan 摩根银行 PPartners 合伙人 1983 1000+项目. C CMP亚洲投资基金. Hong Kong 香港 Shanghai 上海 Tokyo 东京 - PowerPoint PPT Presentation
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全球私募集基金的发展以及其为中国企业带来的机会
2007-9-21中国北京市 , 商业部培训中心
CCMP 亚洲投资基金曹宸綱 董事总经理Jim Tsao Managing [email protected]
2
Was JP Morgan Partners 原名摩根大通投资基金
CCMPC Chemical 华友银行C Chase 大通银行M Morgan 摩根银行P Partners 合伙人
19831000+项目
3
CCMP亚洲投资基金Hong Kong 香港Shanghai 上海Tokyo 东京Seoul 首儿Melbourne 墨尔本
建于1999 规模
一期 11亿美元二期 16亿美元三期 25-30
已投项目 24 项目规模 100 + 亿美元
4
全球企业并购潮另创新高
0
800
1,600
2,400
3,200
4,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006A
0
200
400
600
800
1,000
1,200
Average Transaction Size($MM)
Dollar Volume($Bn)
Average Transaction SizeU.S. European Rest of the World
Source: Thomson Financial2006 annual figure is annualized.
?全球债务危机
Source: Morgan Stanley
346 250 270 345 431
805951
1,444
2,272
3,0433,174
1,521
1,0601,214
1,764
2,547
3,370
0
800
1,600
2,400
3,200
4,000
1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006A
0
200
400
600
800
1,000
1,200
6
私募基金每年的集资额不断升高现存总额已过一万亿美元
亿美元
0
200
400
600
800
1000
1200
1400
1600
1800
亿美元
亿美元 30 150 140 130 120 110 130 160 250 300 350 500 780 700 820 690 490 400 650 1280 1550
1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006
7
272.5 383.1 711.71,038.5
1,671.4
2,199.7
2004 2005 2006
Financial sponsor involved No financial sponsor involved
Global M&A deal volume 2006 (US$bn) 基金占全球企业并购的比例不断升高
Global M&A deal volume 2006 (US$bn) 基金占全球企业并购的比例不断升高
20.8%
18.6%
24.4%
Source: Dealogic, as of January 16, 2007Deal value > $500mm; Deal status is completed, partially completed or pending
8
Global Top 10 M&A deals by volume 全球十大并购案Global Top 10 M&A deals by volume 全球十大并购案
Target Size (US$bn) Sector Target country
BellSouth Corp 101.9 Telecom United States
Endesa SA 65.5 Infrastructure Spain
Arcelor SA 43.1 General Industry Luxembourg
Gaz de France 43.1 Oil and Gas France
Sanpaolo IMI 37.7 Financial Institution Italy
Equity Office Properties Trust 36 Real Estate United States
HCA Inc 32.7 Healthcare United States
Norsk Hydro ASA 28.9 Oil and Gas Norway
Harrah's Entertainment 27.4 Real Estate United States
Caremark Rx 27.2 Healthcare United States
9
8.0 16.0 41.2
144.2 148.6
236.6
2004 2005 2006
Financial sponsor involved No financial sponsor involved
5.3%
Asia Pacific (ex-Japan) M&A deal volume 2006 (US$bn)亚太区并购趋势也逐步追上国际步伐
Asia Pacific (ex-Japan) M&A deal volume 2006 (US$bn)亚太区并购趋势也逐步追上国际步伐
9.7%
14.8%
Source: Dealogic, as of January 16, 2007Deal value > $100mm; Deal status is completed, partially completed or pending
10
Source: Dealogic, as of January 16, 2007Highlight: financial sponsor involvement
Asia Pacific (ex-Japan) Top 10 M&A deals by volume in 2006日本以外亚太区 06 年最大的企业并购
Asia Pacific (ex-Japan) Top 10 M&A deals by volume in 2006日本以外亚太区 06 年最大的企业并购
Target Size (US$bn) Sector Target country
Rinker Group 13 General Industry Australia
Qantas Airways 10.5 Transportation Australia
LG Card Co 7.1 Financial Institution South Korea
Daewoo Engineering & Construction 6.8 General Industry South Korea
Advanced Semiconductor Engineering 6.6 Technology Taiwan
Promina Group 5.9 Financial Institution Australia
Australian Gas Light Co 4.8 Oil & Gas Australia
Malakoff Bhd 4.7 Infrastructure Malaysia
China Southern Power Grid 4.5 Infrastructure China
Sime Darby Bhd 4.4 General Industry Malaysia
11
97.6
106.4
122
147.7
2003 2004 2005 2006
2003 2004 2005 2006
97.6
106.4
122.0
147.7
2003 2004 2005 2006
Asian private equity overview亚洲私募基金管理的资金亚洲私募基金管理的资金
Source: AVCJ research, Asia Private Equity ReportNote: ¹ Excluding global funds with a focus in Asia; Including funds
investing in Japan² In 2006, US$25.7bn of fresh capital came into the region through 112
funds
私募基金的规模私募基金的规模
Sponsor name Date Targeted fund size (US$mm)
Henderson Private Capital Oct 2005 400
CVC Capital Asia Nov 2005 1,975
Carlyle Group Asia Buyout Dec 2005 1,800
Carlyle Group Asia Growth 2005 668
Carlyle Group Asia Real Estate 2005 410
Carlyle J apan Buyout 2005 ¥215.6bn
CCMP Asia Capital Dec 2005 2,675
Baring Private Equity Partners Mar 2006 400
Bain Capital¹ J an 2007 1,300
KKR¹ J an 2007 4,000
Source: Asia Private Equity ReviewNote: 1 Fund announced
US$bn
3D I
S C
U S
S I
O N
M
A T
E R
I A L
12
0
500
1000
1500
2000
2500
3000
3500
4000
Bil
US
D PE
Total M&A
PE 711.7 41.2
Total M&A 2911.4 277.8
Wrold Asia
10%
6%
亚洲企业并购是全球的 10% , 而亚洲私募基金的并购是全球私募并购总额的 6%
13
私募基金并购占 GDP 的比例亚洲相对欧美相差甚多,还有大的成长空间
0
1
2
3
4
US Europe Asia
Private Equity deal valueas % of GDP (2006)
Private Equity deal valueas % of M&A activity (2006)
GDP 占比 企业并购占比
0
10
20
30
US Europe Asia
Notes: Europe refers to Western Europe only; Asia includes Australia, Japan and India, Greater China (G.C.) includes PRC, HK and Taiwan
3.2
1.8
0.5
26.6
2005
19.3
12.3
2005
~4 - 6xpotential
~1.5 - 2xpotential
14
超过一半的投资利用上市退出但是比例在不同的国家有很大的差别
# of deal exits (2006)
Note: Greater China include PRC, HK and Taiwan
0%
20%
40%
60%
80%
100%
Japan GreaterChina
India Australia/NZ Kroea Rest of Asia
Asia average
147 125 60 52 32 45 Total = 461T
rad
e sa
les
IPO
s
15
产品生命周期 公司成长周期
开发 起步 成长 成熟 收缩
种子基金风险成长收购
16
CCMP Capital Asia — Unmatched Geographical Coverage
Australia / New Zealand
Auto Parts
$209m
Jan-05
Retail
$255m
Jun-06 Jan-07
Branded Consumer
$861m
Dec-05
Industrial Services
$802m
Singapore
Jul-03
Yellow Pages
$128m
Metalform Asia
Precision Comp
$257m Jun-04
Korea
Auto parts
$515m
Dec-99
Retail
$190m
Jul-06
Foods
$306m
Sept-01
China / Hong Kong
Manufacturing
$188m
Apr-04
Semiconductors
$452mOct-99
Representative Asian Buyout InvestmentsJapan
Rhythm Corp
Auto Parts
$99m
Aug-02
Telecoms
n.a
Jun-06
Pending
Wuhan KaidiEnvironmental
Services $55m
Retail/Distribution
$430m
Pending
Nagasakiya
Retail
$200m
Pending
17
Asia Opportunity Fund II Portfolio AnalysisFund II Geographic Diversification by Value Asian Deal Activity ex-Japan (2006)
South
Korea
2%
Others
2%
Taiwan
23%
Australia
53%
China
4%
India
10%
New
Zealand
6%
Source: Dealogic, as of January 16, 2007Including entry and exit deals
Global
20%
New
Zealand
15%
Australia
40%China
5%
Korea
10%
J apan
10%
Proforma allocation including Repco, Nagasakiya and Kaidi
18
Asian Private Equity MarketDeal activity growing in volume and size of transactions
$11bn $11bn$9bn
$17bn $18bn
$29bn
$67bn
0
10
20
30
40
50
60
70
80
2000 2001 2002 2003 2004 2005 2006
Aggregate value ($bn)CAGR
(00-06)
Australia/NZ
Japan
PRC
HK + TW
India
SE Asia
Korea
83%
28%
45%
16%
43%
28%
(3%)
Note: SE Asia includes Indonesia, Malaysia, Philippines, Singapore, Thailand and VietnamSource: AVCJ; Bain Analysis
35%
19
环境分析国际资金充裕,逐步流入亚洲
中国是世界成长最快的地方
中国的企业面临百年难遇的成长机会
中国优良公司的成长曲线可以再拉高
我们的策略 与成功的公司与团队一起建立中国的世界级公司
20
KD Blue Sky Technologies Ltd. 凯迪环保
Date of Investment Expected April 30, 2007
Industry Focus Environmental services
Headquarters China
Geographic Focus China
Transaction Type Buyout
Anticipated Equity % 55% to 95%
Business Description Kaidi is the leading provider of environmental compliance solutions for air quality control in China, specializing in engineering, procurement and construction (“EPC”) of flue gas desulphurization (“FGD”) units attached to thermal power plants
Transaction Status Vendor: Private/ Entrepreneur
Signed definitive SPA to acquire control of Kaidi at 4.5x EBITDA
Reasons for winning the deal: rapport with management, sector experience
Investment Thesis Large China air pollutant market and growing government focus on environment
Strong partner/ management with shared vision for business
Industry leader with superior project management and
engineering capability
Significant export opportunity – won US$ 200 million
Hong Kong CLP contract
Attractive entry valuation
Summary of Prospective InvestmentSummary of Prospective Investment
21
Sensata Technologies Inc
Date of Investment April 2006
Industry Focus Technology / Industrial
Headquarters USA
Geographic Focus Global
Transaction Type Buyout
Business Description Sensata is a leading producer of highly engineered sensors and controls for the auto, commercial and industrial sectors. Headquartered in the US, Sensata has a majority of its manufacturing presence and over a third of its sales in Asia
Transaction Sourcing Seller: Texas Instruments
Process: Auction (Morgan Stanley)
Reasons for winning the deal: Automotive sector knowledge, Asian customer insights, experience in Asian manufacturing, and strong relationship with Bain Capital
Investment Thesis Dominant and sustainable market position
Rapid proliferation of sensors
High and stable cash flow generation
Platform for growth through accretive
bolt-on acquisitions
Summary of InvestmentSummary of Investment
22
BOC Edwards
Date of Investment Expected May 31, 2007
Industry Focus Technology / Industrial
Headquarters UK
Geographic Focus Global (40% Asian sales)
Transaction Type Buyout
Anticipated Equity % 46.25% of common equity and 50% of preferred
Business Description BOC Edwards (“BOCE”), established in 1919, is a leading global manufacturer and service supplier of vacuum pumps and associated equipment for semiconductor manufacturing and other industrial applications. Projected FY07 EBITDA and revenues are GBP61 mm ($118m) and GBP578 mm ($1.1bn), respectively, with 40% of sales coming from J apan, Korea, Singapore, Taiwan and China.
Transaction Status Signed definitive agreement with Linde AG on March 12, 2007
Obtained exclusivity following an auction process by building strong rapport with vendors and management through understanding of the global business and ability to assist with restructuring
Investment Thesis Sustainable, leading market position – 15+ years of relationships with top 10 customers
Opportunity to reduce costs through operational restructuring
Strong prospects with semiconductor growth of 8-10% per year
Experienced and deep management team; most members have
20+ year experience with Edwards
Summary of New InvestmentSummary of New Investment
23
产品生命周期 公司成长周期
开发 起步 成长 成熟 收缩
种子基金风险成长收购
新的成长曲线
24
基金投资兴趣较大的项目特点具行业领导地位的公司
高成长性的行业
公司品牌在市场上认知度高
公司制度透明完善
财务与会计制度严谨而反应实情
公司有好的现金流 EBITDA
诚信
25
与私募基金合作的好处
引入一个有附加价值的伙伴,有专业知识而且人数不多
私募基金带来的品牌效应
通常可以保持公司的经营权
国际性的网络与资讯网
私募基金几年後最终会退出,是个过客
26
引入私募基金需要考虑到的代价
公司治理的要求
充分的资讯披露
营运状况的透明度
对于法规,法律的遵守
财务调动的参与
对公司业绩的要求
基金需要广范考察才作出投资的决定
在过去 12 个月内见了公司管理层之后项目的进程?
Meetings
见面% 见面後行程投
资建议出价的
% 报价之後可以交割
的项目
Overall close rate
China: 中国
-Percentage
(50)
100%14% X 29% = 4%
US middle 美国
Market (2002)*:
100% 25% X 36% = 9%
US vs. China
difference:1.8x 1.2x
Source: China PE firm surveys (1/07), *Bain Global Experience Center (2002)
28
基金投资的基本流程
Expertise-driven, proactive deal sourcing
Deep knowledge of attractive sectors
对相关产业的深入了解 Inbound deal flow through brand and
reputation in the industry
项目资讯流入决定于基金的品牌与声誉
Management teams
Bankers and other advisors
Ability to make the tough calls in due diligence
如果不合适就要提早说“不”
Saying “no” when valuation is not supported by underlying potential
Seeing the potential to generate an extraordinary return
Focusing on evaluation the right deals and the right issues
集中精力看合适的项目,问该问的问题
Ability to add value to portfolio company strategy and operations
要为所投资的公司提供附加价值
Powerful network to ink portfolio companies to the best possible management talent, customers, suppliers, and advisors
为所投资公司与最好的管理模式,客户,供应商与顾问对接
Proprietary deal flow
Analytically rigorous, fact-based decision-making
基于客观而科学的分析之後作决定
Post-acquisition full potential
交割之后能将公司潜力发挥
找项目 审项目 投资公司的升级
29
项目前期的过程内容 重点 基金关注
1 初步了解认识 基本业务介绍
认识管理层
基本切入点
获利前景
第一印象
低成功率2 意向性共识 商业结构
时间表
对前景有框架性认同
高层对话,建立互动
3 尽职调查 财务,市场,技术 没有重大意外事项
投资资源
醜话讲在前面
4 商业合同 细化权利义务,财务结构
合法,合理,可行性
30
全球私募基金2006 大奖
亚洲最佳收购基金